Time-bound approval under section 35(1)(iii): institution must maintain separate research accounts and file annual returns and audited accounts. Approval previously granted under the earlier income-tax law is converted into a time-bound approval under section 35(1)(iii) of the Income-tax Act, 1961 for the National Council of Applied Economic Research as an Institution, valid to 31-3-1987, and is subject to conditions: maintaining separate research accounts, filing annual research returns by 30 April, submitting audited accounts and balance-sheet to the prescribed authority by 30 June with copies to the Commissioner, and applying to the Central Board of Direct Taxes three months before expiry for extension.